To Create Value for the Consumer, Firms Seek to

question 28

Multiple Choice

To create value for the consumer, firms seek to

• A) lower costs and lower price
• B) increase price to match the competition and standardize the features
• C) lower costs and increase consumer willingness to pay
• D) increase price and remove high-cost features

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Definitions:

Atoms

The basic unit of a chemical element, consisting of a nucleus of protons and neutrons, and surrounded by electrons.

Ion

An atom or molecule with a net electric charge due to the loss or gain of one or more electrons.

Electricity

A form of energy resulting from the existence of charged particles, either statically as an accumulation of charge or dynamically as a current.

Intermolecular Forces

The forces of attraction or repulsion which act between neighboring particles (atoms, molecules, or ions).